CHEAPER BUTTER

Sun (Auckland), Volume II, Issue 476, 4 October 1928, Page 12

CHEAPER BUTTER

REDUCTION IN RETAIL PRICE A reduction of one penny a pound in the retail price of butter took effect in Auckland to-day. Finest factory butter now sells for cash over the counter at Is Sd a lb, and second gru.de at Is 6d a lb. It is expected in some quarters that a reduction in the retail price of cheese will follow. AUSTRALIAN EXCHANGE BILL RATES INCREASED SYDNEY, Wednesday. The associated banks announce that the rates of exchange for bills drawn on London will be increased, as from tomorrow, by Is 3d per cent. The rates for sight bills and telegraphic transfers and the selling rates for drafts are unchanged. The new rates for bills are:—Thirty days, 16s 3d per cent, discount; 60 days, 26s 3d per cent.; 90 days, 36s 3d per cent; 120 days, 46s 3d per cent. LONDON STOCK EXCHANGE (Australian and N.Z. Press Association) (United Service) LONDON, Wednesday. To-day’s quotations on the London Stock Exchange included the following: Bank of Australasia, £l4 17s fid; Bank of New South Wales, £4B 10s; Union Bank of Australia, £ls 13s 9d; National Bank of New Zealand, £7 7s 6d; Bank of New Zealand, 4 per ce.nt., £94; Bank of New Zealand, shares, 60s 6d; New Zealand Loan and Mercantile Agency Company. Ltd., 4 per cent, debentures, £73; ordinary stock, £l2O. LONDON TALLOW MARKET Dalgety and Co., Ltd., report receipt of the following cable from their London office dated October 3: — “Tallow: SB3 casks of tallow offered and 70 per cent. sold. Prices are Is higher. Beef, fine, 48s; mutton, fine, 455; mixed good, 435; inferior, 405.” MINING NEWS OCCIDENTAL UNA UNITED.—The manager reports: The No. 2 reef at No. 5 level is a solid body of ore 2ft. Gin. wide with a network of quartz stringers on the hanging-wall. These stringers run into the reef about two stopes overhead. The quartz broken from here in the leading stope looks well, carrying nice mineral and blend and colours of gold. The drive on the flinty at No. 4 level has been advanced 10ft.. making a total of 100 ft. from the main level. HAURAKI.—The manager reports: Tn the Union Beach 180 ft. level the drive on the cross reef toward its junction with the Stockwood reef has been advanced 10ft. for the week, leaving a further 15ft. to reach the estimated position of junction. The draw lift being installed, to deal with the water in place of the bottom plunger which gave out during the last heavy flood, is progressing fairly well, and should be completed this week. The incoming water continues to lessen with the fine weather, the usual summer flow being about half the winter flow. In the meantime the bailing tanks and small Cameron pump are holding the water at the 300 ft. level, while the draw lift is being installed. We can only w r ork about 6 hours out of the 24. The rest of the time is occupied with dealing with the water accumulated during that time.

OHINEMU Rl.—The superintendent reports as follow for Lite pexio‘l ended September 29. 1928: In the north section the Telluride level was extended a total distance of 2,242 ft. eastward. The drive south to intersect the strike of the sulphide chute from the north section is now in 72ft. As this -work will be accelerated by the employment of a. third shift, the chute should be in hand very shortly. In the stope north of Silverstream crosscut a large block of milling ore is being exposed by a leading stope, which is being carried along here. In the south section the south drive is along a total distance of 206 ft. from the “F” crosscut, and is carrying a strong vein of sulphide ore. An extensive block of good grade milling ore is being opened up at this point. A further 120 ft. of driving will connect with a block opened up north and south of the main rise. The stope south of Silverstreani crosscut has now been opened up for a length of 115 ft., and carries a vein of highly payable ore. In the Silverrtream section the work of reconditioning the “Queen” and “Julia” levels should be completed at an early date, when development operations will be resumed. Excellent progress is being made with the erection of the new treatment plant, and with ample material on the ground additional labour is now being employed. AUCTION NOTES Messrs. Robt. C. Carr and Son will sell by auction at their rooms, 20 Swanson Street, to-morrow, at 12 noon, a threeroomed dwelling situated in Claude Road, off Alfriston Road, Mariurewa, about one mile from railway station.